TA: Ethereum Rising Steadily, Why ETH Could Surge Past $600

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TA: Ethereum Rising Steadily, Why ETH Could Surge Past $600

After testing the $595 zone, Ethereum corrected lower. ETH traded below the $580 support level, but the bulls were able to protect the $575 support zone.

A swing low was formed near the $576 level before the price started a fresh increase. There was a strong upward move above the $580 and $585 levels. There was also a break above a key bearish trend line with resistance near $586 on the hourly chart of ETH/USD.

Ether price climbed above the $590 level and even spiked above $595. A new monthly high is formed near $596 and the price is currently consolidating gains. An initial support is near the $590 level or the 23.6% Fib retracement level of the recent increase from the $576 swing low to $596 high.

Moreover, there is a crucial bullish trend line forming with support near $585 on the same chart. The trend line is close to the 50% Fib retracement level of the recent increase from the $576 swing low to $596 high.

On the upside, the price is clearly facing a strong resistance near the $595 level. The current price action suggests that ether could make another attempt to clear $595. The next major resistance is still near the $600 level. A close above the $600 level could accelerate gains.


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